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NVIDIA Surpasses Apple as Second-Most Valuable Company with Market Value Over $3 Trillion

Jun 17, 2024, 01:02 PM

NVIDIA has overtaken Apple as the world's second-most valuable company, driven by strong demand for its AI chips. Its market value has surpassed $3 trillion. NVIDIA's stock has surged 162% in 2024, contributing to 33% of the S&P 500's gains and 40% of the Nasdaq's gains. The company has announced new AI solutions, including NVIDIA Omniverse Cloud Sensor RTX, which aims to accelerate the development of autonomous machines. NVIDIA is also set to receive a 20% weighting in the XLK ETF, while Apple will be demoted to a 5% weighting. NVIDIA's stock is up 122% year-to-date, hit a record high, and is 1% shy of becoming the world's most valuable company. Shares were up 1.3% premarket.